November 8, 2002
 Japan Extends the First Non-Project Grant Aid to Nepal
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His Excellency Mr. Zenji KAMINAGA, Ambassador of Japan to the Kingdom of Nepal, and Mr. Bhanu Prasad Acharya, Secretary of Ministry of Finance have signed and exchanged Notes today on behalf of their respective governments.
Under the Exchange of Notes, the Government of Japan has agreed to extend grant assistance amounting to one billion and three hundred million yen ( 1,300,000,000), equivalent to ten million, six hundred and sixty-seven thousand US dollars (US$10,667,000), or approximately eight hundred and thirty-two million Nepalese rupees (NRs.832,000,000), to His Majesty's Government of Nepal as Non-Project Grant Aid in Japan's Fiscal Year 2002.
This is the first Non-Project Grant Aid that has been extended by the Government of Japan to His Majesty's Government of Nepal. The Non-Project Grant Aid has been extended for the purpose of contributing to the promotion of economic and social structural adjustment efforts of His Majesty's Government of Nepal as well as for the mitigation of economic difficulties, including the debt of the country. The Non-Project Grant Aid is foreign currency support to His Majesty's Government of Nepal to secure payments for the import of goods that are urgently needed.
The grant extended under this Note will be utilized for procuring materials and commodities that are essential for the Kingdom of Nepal. His Majesty's Government of Nepal will have to deposit the necessary amount, in Nepalese currency, in a bank as a counterpart-fund. The currency thus deposited shall be utilized for the purposes of development of sectors such as infrastructure including flood control and tourism, education and health.
On the occasion, H.E. Mr. KAMINAGA expressed his belief that the Non-Project Grant Aid of the Government of Japan to His Majesty's Government of Nepal will certainly help play, through sincere and effective implementation, a significant role in overcoming economic and social development problems of the Kingdom of Nepal. This grant will also help to strengthen the existing cordial and cooperative relationship between the two nations.
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